Opiniion, an online resident relations and reputation management platform, announced that it has raised a $3 million financing round led by the Frazier Group, with participation from RET Ventures, AIM Ventura Capital and Tamarak Capital Partners. This funding round comes on the heels of Opiniion’s rapid growth in the multifamily sector in 2020, when — despite the uncertainty that plagued much of the real estate industry — Opiniion doubled its client base, adding a total of 200,000 units to its platform.
For multifamily communities, which are typically assessed by prospective residents based on their online ratings, Opiniion is a valuable technology tool that improves resident experience and drives positive reviews. Through integrations with CRM platforms, the technology translates strong resident experiences into positive feedback. At the same time, Opiniion uses advanced analytics to identify resident pain points, helping property management staff mitigate these problems, improve resident experience, and increase revenues.
“Many of the issues that drive negative reviews are relatively minor and would be fairly easy for property owners to remedy,” said Justin Bingham, CEO of Opiniion. “By analyzing a wide range of public and private resident feedback, we help operators identify and fix these issues before they turn into crises. Because of the effectiveness of our approach in obtaining resident feedback, properties experience a host of benefits, including a 1.2-star average increase in public ratings within a year of deploying our technology. This enables property management to increase occupancy appreciably and improve resident satisfaction.”
RET Ventures, an existing investor which also participated in this funding round, is a venture capital firm that invests in innovative technologies for the single-family and multifamily rental sectors. RET boasts a base of strategic investors that own or operate more than 2 million units, and a portfolio of roughly 15 proptech companies, including Opiniion. RET Ventures Partner John Helm, a former CFO of Marcus & Millichap and proptech founder, executive and venture capitalist, sits on Opiniion’s board of directors.
“While Opiniion was founded as a technology that can improve online reviews in several different business sectors, its value to the real estate industry is particularly demonstrable,” said Helm. “As more and more of the leasing process takes place online, the importance of positive online reviews has continued to grow. With the technology boosting star ratings, occupancy, and communication with residents, it’s no surprise that Opiniion has achieved such rapid market penetration. With this additional capital, we are confident in Opiniion’s continued ability to scale its growth.”
